China Three Gorges New Energy signed an investment cooperation agreement with the Tianjin Economic-Technological Development Area (TEDA) to develop an offshore wind project in the Nangang Industrial Zone.
China Three Gorges New Energy will invest CNY 18 billion (EUR 2.3 billion) in the project which is reported to have a total installed capacity of 1,000MW.
In the first phase of the project, China Three Gorges New Energy will invest CNY 5.2 billion to build a 350MW offshore wind farm on the site.
The wind farm will comprise 70 5MW wind turbines and an offshore substation.
The developers plan to secure all the necessary paperwork by 2019 and start the construction in 2020.
China Three Gorges New Energy is a wholly-owned subsidiary of China Three Gorges Corporation which invests mainly in onshore wind power, offshore wind power, photovoltaic power generation, and medium and small hydro power.